USDJPY
EURUSD
USD/CAD
USD/CAD Price Forecast: Aims to hold 50% Fibonacci retracement at 1.3890
Key Takeaways (30s Read)
USD/CAD is correcting near the 50% Fibonacci retracement level of 1.3890.
USD/CAD has retreated near the 1.3890 level after a nine-day winning streak ended. The pause in the uptrend comes as the U.S. dollar weakens in response to criminal charges against Fed Chair Jerome Powell. The 50% Fibonacci retracement at 1.3890 is a critical level for the pair, which traders should monitor closely. A bounce back from this level could provide new buying opportunities, while failure to hold may lead to further declines. As the market remains in a state of uncertainty, maintaining a watch for the reaction around this Fibonacci level is key.
AI Analyst
AI Opinion
"The current movement in USD/CAD is highly influenced by market sentiment toward the U.S. dollar. The charges against Chair Powell introduce a layer of caution for investors, leading to uncertainty regarding future monetary policy. The Fibonacci retracement at 1.3890 is crucial for reversal-seeking traders, but should this level break, further declines might be anticipated. In light of the prevailing market volatility, it’s crucial for traders to practice risk management effectively."
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